Envestnet Portfolio Solutions Inc. Boosts Stake in JPMorgan Chase & Co. $JPM

Key Points

• Envestnet Portfolio Solutions Inc. increased its JPMorgan Chase stake by 11.6% in the fourth quarter, ending with 272,424 shares valued at about $87.8 million.
• JPMorgan reported strong quarterly results, with EPS of $5.94 beating estimates and revenue of $50.54 billion, up 10% year over year.
• The bank announced a quarterly dividend of $1.50 per share to be paid July 31, while analysts currently rate the stock a Moderate Buy with an average price target of $339.08.

Envestnet Portfolio Solutions Inc. raised its position in JPMorgan Chase & Co. (NYSE:JPM - Free Report) by 11.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 272,424 shares of the financial services provider's stock after buying an additional 28,371 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in JPMorgan Chase & Co. were worth $87,775,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in JPM. Brighton Jones LLC boosted its position in JPMorgan Chase & Co. by 11.0% in the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider's stock valued at $11,682,000 after buying an additional 4,841 shares during the last quarter. Acorns Advisers LLC lifted its position in shares of JPMorgan Chase & Co. by 6.9% during the first quarter. Acorns Advisers LLC now owns 1,547 shares of the financial services provider's stock worth $379,000 after purchasing an additional 100 shares during the last quarter. Ignite Planners LLC lifted its position in shares of JPMorgan Chase & Co. by 0.7% during the second quarter. Ignite Planners LLC now owns 10,934 shares of the financial services provider's stock worth $3,185,000 after purchasing an additional 78 shares during the last quarter. Jump Financial LLC bought a new position in shares of JPMorgan Chase & Co. during the second quarter worth about $1,475,000. Finally, Betterment LLC lifted its position in shares of JPMorgan Chase & Co. by 27.5% during the second quarter. Betterment LLC now owns 1,970 shares of the financial services provider's stock worth $571,000 after purchasing an additional 425 shares during the last quarter. 71.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other JPMorgan Chase & Co. news, General Counsel Stacey Friedman sold 5,468 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $300.27, for a total value of $1,641,876.36. Following the sale, the general counsel owned 46,428 shares in the company, valued at approximately $13,940,935.56. This trade represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Barnum sold 3,022 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $309.41, for a total transaction of $935,037.02. Following the completion of the sale, the chief financial officer owned 32,438 shares in the company, valued at $10,036,641.58. The trade was a 8.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 28,589 shares of company stock worth $8,747,496 over the last ninety days. 0.41% of the stock is owned by company insiders.

JPMorgan Chase & Co. Price Performance

JPM opened at $299.04 on Thursday. The firm has a market cap of $801.27 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. JPMorgan Chase & Co. has a fifty-two week low of $260.31 and a fifty-two week high of $337.25. The company's 50-day moving average price is $302.05 and its 200 day moving average price is $306.96. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.30.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $5.94 EPS for the quarter, beating the consensus estimate of $5.50 by $0.44. JPMorgan Chase & Co. had a net margin of 20.66% and a return on equity of 17.54%. The company had revenue of $50.54 billion for the quarter, compared to analyst estimates of $48.30 billion. During the same quarter last year, the business earned $5.07 earnings per share. JPMorgan Chase & Co.'s revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts expect that JPMorgan Chase & Co. will post 22.4 earnings per share for the current year.

JPMorgan Chase & Co. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be paid a $1.50 dividend. The ex-dividend date is Monday, July 6th. This represents a $6.00 annualized dividend and a dividend yield of 2.0%. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is presently 28.74%.

Analysts Set New Price Targets

Several equities analysts have recently commented on JPM shares. Piper Sandler increased their price target on shares of JPMorgan Chase & Co. from $325.00 to $345.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 15th. HSBC increased their price target on shares of JPMorgan Chase & Co. from $288.00 to $312.00 and gave the stock a "hold" rating in a research report on Monday, May 4th. Daiwa Securities Group reduced their price target on shares of JPMorgan Chase & Co. from $340.00 to $328.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 7th. Zacks Research cut shares of JPMorgan Chase & Co. from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 8th. Finally, Wells Fargo & Company reduced their price target on shares of JPMorgan Chase & Co. from $360.00 to $350.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 17th. Fifteen equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, JPMorgan Chase & Co. presently has an average rating of "Moderate Buy" and an average price target of $339.08.

Key Stories Impacting JPMorgan Chase & Co.

Here are the key news stories impacting JPMorgan Chase & Co. this week:

• Negative Sentiment: JPMorgan may spend heavily on acquisitions, which could reduce capital flexibility and pressure returns if deals are expensive or hard to integrate. Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: 'We are on the lookout'
• Negative Sentiment: Dimon said earnings may not stay at current levels and that costs are likely to rise, which raises concerns about margin pressure. JPMorgan Chase Stock Is Falling: What's Happening Today?
• Neutral Sentiment: The bank also announced it will redeem $2.0 billion of Series KK preferred stock, a routine capital-management move that is not likely to change the investment thesis on its own. JPMorgan Chase to Redeem Series KK Preferred Stock
• Positive Sentiment: Dimon’s willingness to consider large acquisitions also reflects confidence in JPMorgan’s excess capital and long-term growth options, which could support the stock over time if management finds attractive targets. Jamie Dimon says JPMorgan could spend up to $20bn on a new acquisition

JPMorgan Chase & Co. Company Profile

JPMorgan Chase & Co NYSE: JPM is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm's principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.

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